Sensex, Nifty End Marginally Higher After GST Relief

10/9/2017 7:17 AM ET

Indian shares closed marginally higher on Monday after the GST Council lowered the tax rates on 27 items and the World Bank said that the ongoing slowdown in India's economic growth is an "aberration" due to temporary disruptions in preparation for the GST.

The benchmark BSE Sensex ended the session up 32.67 points or 0.10 percent at 31,846.89 while the broader Nifty index finished 9.05 points or 0.09 percent higher at 9,988.75.

On the flip side, ONGC fell 1.8 percent on the buzz that it may sell some of its stake in Indian Oil Corp to institutional investors. Tata Teleservices Maharashtra slumped 13.8 percent on reports that it is preparing an exit plan for most of its 5,000-odd employees.

Globally, Asian stocks closed mostly higher, with Chinese markets leading the surge as traders returned to their desks after the week-long "Golden Week" holidays. Trading activity remained light across the region due to holidays in Japan, South Korea and Taiwan.

European markets were slightly higher, with underlying sentiment supported by easing worries over Catalonia after hundreds of thousands of pro-Spanish unity supporters marched through the streets of Barcelona on Sunday.